Doublethink is a core theme in George Orwell’s “1984”—believing two contradictory ideas at the same time. Investors are transitioning from the megacap tech giants amid concerns over the pace of artificial-intelligence spending, while buying stocks of companies that rely on the input costs of soaring commodity prices to maintain their profit margins. For Bank of America’s Vivek Arya, the software selloff has a whiff of the stock market’s DeepSeek meltdown a year ago, when the launch of a cut-priced AI chatbot spooked investors who had piled into U.S. tech stocks.